Pacira BioSciences, Inc. (PCRX): Marketing Mix Analysis [11-2024 Updated]
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Pacira BioSciences, Inc. (PCRX) Bundle
Discover how Pacira BioSciences, Inc. (PCRX) is reshaping the landscape of pain management in 2024 through its innovative marketing mix. With a strong focus on non-opioid alternatives like EXPAREL and ZILRETTA, the company is not only addressing postoperative pain but also prioritizing patient safety. Explore how their strategic distribution channels, targeted promotional efforts, and competitive pricing strategies are fueling growth and enhancing market access. Dive deeper into each element of their marketing strategy below.
Pacira BioSciences, Inc. (PCRX) - Marketing Mix: Product
EXPAREL: Leading product for postoperative pain management
EXPAREL generated net product sales of $132,004,000 for the three months ended September 30, 2024, reflecting a 3% increase compared to $128,667,000 in the same period of 2023. For the nine-month period, sales reached $401,286,000, up 2% from $394,202,000 in 2023. The revenue increase was attributed to a 3% rise in gross vial volume and a 1% increase in selling price per unit due to a price adjustment in January 2024.
ZILRETTA: Extended-release injectable for knee osteoarthritis
ZILRETTA reported net sales of $28,420,000 for the three months ending September 30, 2024, a slight decline of 1% from $28,798,000 in the same quarter of 2023. For the nine-month period, revenue increased to $84,966,000, a 3% rise from $82,393,000 in 2023. The revenue fluctuation was due to a 6% decrease in kit volume partially offset by a 5% increase in net selling price per unit.
iovera°: Non-opioid pain management solution
iovera° achieved net product sales of $5,655,000 for the three months ended September 30, 2024, marking an 8% increase from $5,260,000 in the same quarter of 2023. For the nine months, sales amounted to $16,359,000, a significant 20% increase from $13,645,000 in 2023. The growth was driven by a 9% rise in Smart Tip volume.
Bupivacaine liposome injectable suspension: Targeted for veterinary use
The bupivacaine liposome injectable suspension saw remarkable growth with net sales of $1,643,000 for the three months ended September 30, 2024, reflecting a 91% increase from $858,000 in the same period of 2023. For the nine-month period, sales skyrocketed to $7,322,000, a remarkable increase of over 100% from $2,241,000 in 2023. This surge is attributed to favorable sales related to veterinary use and the timing of orders.
PCRX-201: Novel gene therapy for knee osteoarthritis in clinical development
PCRX-201 is currently in clinical development targeting knee osteoarthritis. Specific financial metrics related to this product are not available as it remains under development.
Focus on non-opioid alternatives to reduce addiction risks
Pacira BioSciences emphasizes the development and commercialization of non-opioid alternatives to manage pain effectively while minimizing the associated risks of opioid addiction. The company's product offerings, including EXPAREL and iovera°, are strategically designed to address this critical market need.
| Product | Q3 2024 Sales | Q3 2023 Sales | Change (%) | YTD 2024 Sales | YTD 2023 Sales | Change (%) |
|---|---|---|---|---|---|---|
| EXPAREL | $132,004,000 | $128,667,000 | 3% | $401,286,000 | $394,202,000 | 2% |
| ZILRETTA | $28,420,000 | $28,798,000 | (1)% | $84,966,000 | $82,393,000 | 3% |
| iovera° | $5,655,000 | $5,260,000 | 8% | $16,359,000 | $13,645,000 | 20% |
| Bupivacaine Liposome Injectable Suspension | $1,643,000 | $858,000 | 91% | $7,322,000 | $2,241,000 | 100%+ |
Pacira BioSciences, Inc. (PCRX) - Marketing Mix: Place
Products distributed primarily in the U.S., E.U., and U.K.
Pacira BioSciences, Inc. primarily distributes its products, including EXPAREL and ZILRETTA, in the United States, European Union, and the United Kingdom. Approximately 95% of its net product sales come from the U.S. market, with the remaining sales derived from international markets.
Sales through wholesalers, specialty distributors, and specialty pharmacies
The company's sales strategy includes distribution through major wholesalers, specialty distributors, and specialty pharmacies. As of September 30, 2024, three wholesalers accounted for 38%, 18%, and 16% of accounts receivable. This extensive network ensures that Pacira's products are accessible to healthcare providers and patients across various healthcare settings.
Direct contracts with healthcare providers and group purchasing organizations (GPOs)
Pacira BioSciences has established direct contracts with healthcare providers and Group Purchasing Organizations (GPOs). These contracts facilitate bulk purchasing and pricing agreements that enhance market penetration and product availability. The company’s revenue is significantly influenced by these contracts, with a substantial portion of sales attributed to GPOs.
Utilization of drop-ship programs for EXPAREL
Pacira employs drop-ship programs for EXPAREL, allowing for direct shipping from the manufacturer to healthcare facilities. This strategy minimizes inventory holding costs and improves delivery times, enhancing customer satisfaction. The implementation of drop-ship programs has contributed to efficient distribution logistics, ensuring that healthcare providers receive products promptly.
Training facilities in Tampa, Florida, and Houston, Texas for clinician education
Pacira operates training facilities in Tampa, Florida, and Houston, Texas, which serve as educational hubs for clinicians. These facilities provide training on the usage of Pacira's products, ensuring that healthcare providers are well-equipped with the necessary knowledge and skills to administer these treatments effectively. This educational outreach is crucial for product adoption and supports the overall distribution strategy.
| Distribution Channel | Percentage of Revenue | Key Locations |
|---|---|---|
| Wholesalers | 38% (Top Wholesaler) | U.S. |
| Specialty Distributors | 18% (Second Wholesaler) | U.S. |
| Specialty Pharmacies | 16% (Third Wholesaler) | U.S. |
| Direct Contracts (GPOs) | Significant Contribution | U.S., E.U., U.K. |
| Drop-Ship Programs | Enhances Logistics | U.S. |
| Training Facilities | Supports Education | Tampa, FL; Houston, TX |
Pacira BioSciences, Inc. (PCRX) - Marketing Mix: Promotion
Emphasis on educating healthcare professionals about pain management techniques
Pacira BioSciences has focused its promotional efforts on educating healthcare professionals regarding pain management techniques. This includes targeted training programs and resources aimed at enhancing the understanding of non-opioid pain management solutions.
Utilization of marketing strategies focusing on non-opioid solutions
The company's marketing strategy emphasizes non-opioid pain management solutions, particularly through its flagship product, EXPAREL. As of September 30, 2024, EXPAREL generated net product sales of $132 million, reflecting a 3% increase from the previous year. This strategy aligns with the growing demand for alternatives to opioids amid the opioid crisis, enhancing Pacira's market position.
Participation in medical conferences and presentations of clinical data
Pacira actively participates in medical conferences to present clinical data related to its products. For instance, the company showcased clinical efficacy and safety data for EXPAREL at various pain management and anesthesiology conferences throughout 2024. This engagement not only increases visibility but also helps to establish credibility within the medical community.
Collaboration with GPOs to enhance market reach
Pacira collaborates with Group Purchasing Organizations (GPOs) to expand its market reach. By aligning with GPOs, the company enhances its product accessibility to hospitals and clinics, thereby driving sales. As of September 30, 2024, total net product sales reached $167.7 million, marking a 3% increase from the same period in the previous year.
Promotion of new reimbursement codes to facilitate product adoption
The introduction of new reimbursement codes for non-opioid pain management products has been a critical aspect of Pacira's promotional strategy. The company has successfully advocated for reimbursement policies that facilitate the adoption of EXPAREL, resulting in improved financial outcomes for healthcare providers using their products. This initiative is expected to significantly influence purchasing decisions within healthcare settings.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| EXPAREL Net Sales | $132,004,000 | $128,667,000 | +3% |
| ZILRETTA Net Sales | $28,420,000 | $28,798,000 | -1% |
| iovera° Net Sales | $5,655,000 | $5,260,000 | +8% |
| Bupivacaine Liposome Injectable Suspension Net Sales | $1,643,000 | $858,000 | +91% |
| Total Net Product Sales | $167,722,000 | $163,583,000 | +3% |
Overall, Pacira BioSciences' promotional strategies are well-aligned with current market trends, focusing on education, collaboration, and advocacy, which are critical for the company's growth in the competitive healthcare landscape.
Pacira BioSciences, Inc. (PCRX) - Marketing Mix: Price
EXPAREL Price Increase
In January 2024, EXPAREL experienced a price increase of 1%. This adjustment reflects the company's strategy to enhance its pricing power in the market.
ZILRETTA Price Increase
ZILRETTA saw a 5% increase in its net selling price per unit in 2024. This increase was implemented in January and July 2024, aimed at improving revenue despite a decrease in kit volume.
Pricing Strategies
Pacira BioSciences focuses on value-based reimbursement models, aligning its pricing strategies with the perceived value of its products. This approach is intended to facilitate access and adoption among healthcare providers and patients.
Competitive Pricing
The company's pricing strategy is designed to be competitive, enhancing market access for its products. This includes adjusting prices based on market demand and competitor pricing to remain attractive in the healthcare landscape.
Royalty Revenues
Royalty revenues from product sales significantly contribute to overall revenue growth. For the nine months ended September 30, 2024, royalty revenue reached $3.78 million, up from $1.25 million in the same period of the previous year, marking a substantial increase of 100%.
| Product | Q3 2024 Net Product Sales (in thousands) | Q3 2023 Net Product Sales (in thousands) | Price Increase |
|---|---|---|---|
| EXPAREL | $132,004 | $128,667 | 1% |
| ZILRETTA | $28,420 | $28,798 | 5% |
| iovera° | $5,655 | $5,260 | 8% |
| Bupivacaine Liposome Injectable Suspension | $1,643 | $858 | 91% |
| Total Net Product Sales | $167,722 | $163,583 | 3% |
These pricing strategies and adjustments reflect Pacira BioSciences' commitment to maximizing revenue while ensuring competitive positioning within the market, taking into account various external factors and internal value assessments.
In conclusion, Pacira BioSciences, Inc. (PCRX) is strategically positioned within the healthcare market, leveraging its innovative non-opioid pain management solutions to address pressing needs in postoperative care and chronic conditions. With a robust portfolio including EXPAREL and ZILRETTA, coupled with effective distribution channels and targeted promotional efforts, the company is enhancing its market presence. The recent adjustments in pricing further reflect a commitment to value-based reimbursement, ensuring that Pacira remains competitive and focused on improving patient outcomes while driving revenue growth.
Updated on 16 Nov 2024
Resources:
- Pacira BioSciences, Inc. (PCRX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Pacira BioSciences, Inc. (PCRX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Pacira BioSciences, Inc. (PCRX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.